SEOUL, Aug. 6 (Korea Bizwire) — BGF Retail Co., the operator of South Korea’s major convenience store chain CU, saw better performance in the second quarter driven by the popularity of craft beer.
The company on Thursday said in a regulatory filing that it posted 58.7 billion won ($51.3 million) in operating profit for the quarter, compared with 44.5 billion won a year ago. Revenue rose 9.8 percent to 1.7 trillion won.
The company reported its second-quarter net profit of 46.8 billion won, up 41.4 percent from a year earlier.
BGF Retail released the Gom Pyo wheat beer in late May via a partnership with flour maker Daehan Flour Mills Corp. and brewery SevenBrau Beer Corp.
It garnered considerable popularity with more than 6 million cans sold. Snack sales have also jumped.
Gom Pyo, which means bear brand, is a signature flour brand of Daehan Flour.
A 3+2 promotion, with two more free for buying three convenience foods, delivery services, or other products, has also contributed to better performance.
“In response to the new limitations set by social distancing, we have focused on attracting demand for short-distance shopping, which turned out to be a success,” BGF Retail said.
Ashley Song (firstname.lastname@example.org)